Segment reporting is interesting; It seems to me that CVM is...

Segment reporting is interesting; It seems to me that CVM is using up all the EBITA from AEM. Event though AEM EBITA was 75% up from 22 to 23, CVM still managed to gobble it all up. Also interesting that revenues are report by segment but not expenses (see note 3). Perhaps time to seriously forget CVM and go with AEM as a nice little profitable earner.

Also wonder about raw material holdings seem high: About $9m current holdings (note 9) compared to $10.7m consumed for full year (note 4) Seems like a years worth of raw material holding. Either a huge increase in production expected, or there is scope for some inventory management saving, together with the opportunity to free up some cash.

This is only a quick initial impression. I haven't got the patience to find all the devils in the details, but suspect that employee (including director) expense could be worth a little close analysis.

Along with so many others I hold and hope on the basis of the CVM carrot, encouraged only by the thankfully solid business that is AEM